Section 74 Partnership Act, 1932 Explained: Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of retirement | Nyaya

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What does Section 74 of Partnership Act, 1932 say?

Where a partner retires from the firm, the remaining partners shall indemnify the firm for any payments made and any debts contracted by him in good faith in the ordinary and usual course of the business of the firm, and for any loss or liability incurred by the firm in the ordinary and usual course of its business.

Indian StandardSection 74, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 74 (India)

Court Pleading StandardSection 74 of the Partnership Act, 1932

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 74 Partnership Act, 1932

What is Section 74 of Partnership Act, 1932?

Section 74 of the Partnership Act, 1932 (Partnership Act, 1932) defines and regulates "Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of retirement". The section states: Where a partner retires from the firm, the remaining partners shall indemnify the firm for any payments made and any debts contracted by him in good faith in the ordinary and usual...

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